Several Russian entities have retrieved their frozen funds from the Euroclear depository. Euroclear, based in Belgium, has been holding Russian assets under sanctions linked to the Russia-Ukraine conflict.
Among the companies that have managed to reclaim their funds are Leader, a subsidiary of Gazprom, Rosbank, and VEB.RF. The breakthrough came after these entities pursued legal avenues, ultimately winning court battles to release the funds, as reported by sources familiar with the matter.
Alexander Kudryavtsev, Director of Legal Affairs at Rosbank, has confirmed the withdrawal of funds from the Class C account of Euroclear deposits. This development marks a win for these Russian companies amid the challenging economic climate exacerbated by sanctions.
Arbitration courts adjudicated on four claims against Euroclear, filed by Rosbank, Leader, MTS Bank, and Bank Saint-Petersburg, alongside a claim brought by an individual investor. These legal battles resulted in favorable rulings for the Russian entities, with courts of general jurisdiction upholding the suits.
In total, approximately RUB 18.4bn (€187.4mn) have been earmarked for retrieval through these successful legal efforts. The ability to access these frozen funds signifies a milestone for the affected Russian companies, providing them with much-needed liquidity and financial stability.
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